I talked to a woman who has a doublewide. She’s loosing the property, she’s 2 months behind in payments and is willing to let it go for the payoff of the first mort. which is $31,000. The property values at $60,000. Can she do that and keep the second mort. and pay on that seperately? The second mortgage is $10,000, with a different company than the first. To pay off both would be $41,000, which could still be a good deal. But she offered to keep the 2nd and pay that off herself. Should we go for that? I’d appreciate any feedback on that!Thanks!!!
Why would you want her to be paying on a property you want to own? What if she doesn’t make a payment, then the 2nd forecloses and you can not do anything to stop it. Further, the 2nd, might have a due on sale or acceleration clause in it.
I suggest you talk to her to work a short sale. You can then give her the difference on the first if they short, and you pay off the 2nd.
She is behind, and there is no guarantee that she will actually make the payments on the 2nd.
Your right, I don’t know enough about foreclosures or mortgages right now, I think I’ll let this one go. Thankyou!!!
And remember that sometimes a lender in the second position will buy out the first lien holders mortgage and foreclose on the entire property.